Short sales transactions are usual in real estate deals and it’s also common having its own drawbacks. The following article tackles more about short sales drawbacks.
* Uncertain sellers. You can’t blame sellers who are uncertain to sell their house. Not only because of their personal attachment to their properties, but also due to the fact that lenders need several information from them including a statement of hardship explaining the financial hurdles that force them to give up their homes. To add insult to injury, sellers sometimes put up with all the hassles of providing more documentation such as proof of income, bank statements, etc. Eventually, most sellers are tired of the nitty-gritty involved with the whole process that they surrender in the midst of the deal. So as a real estate investor, it’s highly important to explain to your sellers all the things included in the short sale process, and especially the expected timeframes and other hassles that go with it, so that they won’t be distressed further.If they will be informed prior to beginning the whole transaction, it’s possible that they will stay till the end.
* Short sale transactions take time. Ironically, short sales don’t mean the time frames are short–on the contrary, short sales take a lot of time like as long as six months to be finished. Short sales are prone to delays (some due to lost files, etc) so it’s best not to rely on it for your sole source of income.
* Your offer may be ignored or rejected. So you thought that your offer looks feasible to the lender that he can simply accept your offer? Well, this is not always the case especially when it comes to short sales. In case this occurs, either go with their counter offer, or you can at least increase your offer price. But if you feel that the offer does not sound like it’s worth your time and the negotiation, then you can always drop the deal.
* Inability to seal the deal. Though you may have approval from your lender, but then, your financing is not yet prepared—Oops. Usually, the banks would provide you a time frame within which you have to seal the deal. If you’re utilizing hard money or private money, it’s crucial that you have the buyer examined the property prior, so that they know the things they’re getting for the money.
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